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There was a time, not long ago, when conservatives were part of the mainstream consensus on monetary policy. Here’s the Economic Report of the President from 2004 (pdf), presumably written by Greg Mankiw:
So, I just have to laugh reading their deriding fiat money. The dollar is backed by the full faith and credit of the United States. The United States had fiat money since 1933, when FDR took us off the gold standard, which was a good thing.
Oh sure a decade long depression is just the thing for what ails you? Maybe the bad economic times can last for 20 years this time. Won't that be grand?
Oh sure a decade long depression is just the thing for what ails you? Maybe the bad economic times can last for 20 years this time. Won't that be grand?
In another era, I could envision you carrying a torch and blaming bad times on witches. Today you fault the lack of the gold standard, which every nation has evolved away from, for prolonging the Great Depression.
But by resurrecting the truly awful idea of a gold standard, you've given us something to talk about. Anyone who believes that the gold standard era was marked by price stability, or for that matter any kind of stability, just hasn’t looked at the evidence. The fact is that prices have been far more stable under that dangerous inflationist Ben Bernanke than they ever were when gold ruled. The gold standard caused deflation, which exaggerated the Depression.
One only has to look at the economic upheavals of 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933 for such evidence.
In another era, I could envision you carrying a torch and blaming bad times on witches. Today you fault the lack of the gold standard, which every nation has evolved away from, for prolonging the Great Depression.
But by resurrecting the truly awful idea of a gold standard, you've given us something to talk about. Anyone who believes that the gold standard era was marked by price stability, or for that matter any kind of stability, just hasn’t looked at the evidence. The fact is that prices have been far more stable under that dangerous inflationist Ben Bernanke than they ever were when gold ruled. The gold standard caused deflation, which exaggerated the Depression.
One only has to look at the economic upheavals of 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933 for such evidence.
Yeah, returning to the gold standard is an epically stoooooooooopid idea.
yes it is, about as stupid as deficit spending and taking money out of the economy and then expecting people to spend more.
The above statement is an example of economic illiteracy. Deficit spending relates to fiscal policy. A debate on the gold standard is a debate of monetary policy. It's like discussing hockey and someone bringing up Babe Ruth.
In another era, I could envision you carrying a torch and blaming bad times on witches. Today you fault the lack of the gold standard, which every nation has evolved away from, for prolonging the Great Depression.
But by resurrecting the truly awful idea of a gold standard, you've given us something to talk about. Anyone who believes that the gold standard era was marked by price stability, or for that matter any kind of stability, just hasn’t looked at the evidence. The fact is that prices have been far more stable under that dangerous inflationist Ben Bernanke than they ever were when gold ruled. The gold standard caused deflation, which exaggerated the Depression.
One only has to look at the economic upheavals of 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933 for such evidence.
LMAO The gold standard lengthened the Great Depression???? The gold standard that FDR manipulated? How can you not know FDR set the price of Gold.
If you want to know about the affect gold had on the Depression look up Greshams Law. Maybe you'll learn something.
Since when is deflation bad? Unless of course one is heavily in debt. So your answer is not to save and spend wisely instead be in debt. Hows that working out nowadays?
btw when prices fall faster than wages deflation is a good thing. That's something else you don't know.
BTW Hows the purchasing price of the dollar? Any neat graphs which don't prove anything you say to back it up?
Instability is caused by the Government, the Central Bank. An example, the House of Cooke. Have someone inform you on the concept of free money. Maybe you'll learn something.
Last edited by Loveshiscountry; 07-16-2013 at 06:47 PM..
I am delighted that you think farm subsidies, the fraud-ridden program that mainly benefits corporations and wealthy individuals, will die off.
I hope they do. 99.9 percent of subsidies are bad.
Subsidies for your causes are good though right?
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